Mercury works with multiple FDIC-insured partner banks to provide your checking and savings accounts, debit card, and payment services. As Mercury expands its bank network, you may have the option — or be invited — to move your accounts to a new partner bank. This article explains what switching means, how the process works, and what to expect along the way.
What switching partner banks means
Switching partner banks means opening new accounts at a different FDIC-insured partner bank and using Mercury's account transfer tool to move your balances and activity to those new accounts. You will receive new account numbers and a new debit card, but your login, settings, and recurring payments will stay the same.
How to switch partner banks
Step 1: Accept terms and verify your identity
Once invited to switch partner banks, switching starts with reviewing and accepting the terms and conditions for your new partner bank. You'll also need to verify your identity. Mercury's team will review your submission and open your new account.
Step 2: Transfer your accounts using the transfer tool
Once your new account is open, you'll have a set number of days to complete your transition using Mercury's account transfer tool — typically 30 days, though your exact deadline will be visible in your dashboard.
Using this tool, the following happens automatically:
- Your existing accounts are duplicated at the new partner bank
- Your balances and recurring payments are transferred to the new accounts
- New debit cards are issued to you
- Incoming payments sent to your old accounts are automatically routed to your new accounts during the transition period
- A personalized list of counterparties is provided, based on your transaction history, so you know who to notify of your new account details
- Existing auto-transfer rules are automatically recreated using the new accounts.
Your old accounts and debit card remain open and active during this transition period, so there's no disruption to your day-to-day banking.
Note: During the transition period, you cannot deposit checks into or send check payments from your old accounts. Please use your new accounts for all check deposits and check payments.
Step 3: Old accounts are disabled
When the transition period ends, your old accounts are disabled and your old debit cards are canceled.
- Any remaining balances in your old accounts will be transferred to your new accounts
- You will no longer be able to send or receive money from the old accounts
- Automatic routing of incoming funds to your new accounts will stop
- Payments sent to the old accounts after this date will be returned to the sender, with the exception of ACH returns and wire returns, which will continue to process until the accounts are fully closed
Step 4: Old accounts are closed
A few weeks after your accounts are disabled, your old accounts are permanently closed. If any balance remains at that point, it will be transferred to your new accounts. You will no longer be able to use your old accounts, but your transaction history and statements will remain accessible on the Documents & Data page.
Mercury will send you emails and in-app notifications with all key dates and deadlines. Complete any required actions by the specified deadlines to avoid disruptions to your banking.
FAQs
What is the account called "Welcome to [Mercury Partner Bank]"?
The "Welcome to [Mercury Partner Bank]" account is the first account opened automatically once your identity is verified at the new partner bank. You can use this account right away, but you should still use the account transfer tool to complete your full transition — it copies all your existing accounts and settings, and enables automatic forwarding of any funds sent to your old accounts. This welcome account stays open after your transition is complete. If you'd like to close it, you can find instructions here.
When will my debit card be canceled and replaced?
When you use the account transfer tool, a new debit card will be issued to you automatically. Your old debit card will be canceled on the same date your old accounts are disabled, at the end of your 30-day transition period. We may reach out via email if we need to confirm your mailing address.
How long do transfers take during the switch?
Transfers made using the account transfer tool typically clear within 0–1 business days, depending on when they're initiated. Funds may land the same day or the following business day.
How are joint accounts reviewed and switched?
Any owner can start the process. Once the first owner accepts the new terms and conditions, all joint owners will receive an email with instructions to log in and verify their identity. After all owners have been verified, the transfer process is the same as for individual accounts — any one owner can use the account transfer tool to complete the switch.
What happens if an incoming payment is sent to my old account?
If you use the account transfer tool, which we highly encourage, incoming payments will be automatically routed to your new accounts during the transition period, up until your old accounts are disabled. Mercury will also provide a personalized list of counterparties to notify about your updated account details based on your transaction history. After the old accounts are disabled, any inbound payments will be rejected.
Do I need to update my outgoing payments?
Scheduled outgoing payments will be updated automatically to send from your new accounts when you use the account transfer tool — with one exception. ACH debits (also called ACH pulls) must be updated manually with the companies that pull funds from your accounts. Mercury will provide a personalized task to help you do this.
My account is locked. What do I do?
To unlock your account, log in to Mercury from a web browser and follow the steps shown on your screen. You may be asked to review your new account terms or re-verify your identity. If your account remains locked, Mercury may need to close it, so we recommend addressing this as soon as possible.
Will my scheduled payments be affected during the switch?
When you use the account transfer tool, scheduled outgoing payments will automatically be updated to send from your new accounts. The one exception is ACH debits (also called ACH pulls) — these must be manually updated with the companies that pull funds from your account. Mercury will provide a personalized task list to help you identify which ones need updating.
When will I receive my new physical debit card?
When you use the account transfer tool, a new virtual debit card will be available immediately and a new physical debit card will be mailed to the address we have on file and typically arrives within 1-2 weeks. In the meantime, you can use your new virtual card for online purchases and add it to your digital wallet.
Mercury is a fintech company, not an FDIC-insured bank. Banking services provided through Choice Financial Group and Column N.A., Members FDIC.